The US dollar has fallen fairly significantly against the Swiss franc. But again, I think you’ve got a situation where traders are testing support at the 0.78 level to see if it holds. I think given enough time, we probably see the interest rate differential come back into play that does, of course, favor the United States dollar.
And if we get a little bit more risk appetite out there, I think that would make the difference. Ultimately, I am bullish on this pair. We are in a range, we’re getting close to the bottom of it, I’m looking for a bounce.
Despite the stability of copper price within the main bullish track, it remains confined between the initial support of $6.1000 and $6.4000 barrier, which pushes it to provide more sideways trading without recording any new positive target.
The contradiction of the main indicators confirms the dominance of the sideways bias currently, to keep waiting for surpassing the barrier to open the way for achieving extra gains that might begin at $6.5600 and $6.7500, while breaking the support and holding below it will force it to activate the bearish corrective track, and $5.9500 level represents the initial station.
The expected trading range for today is between $6.1000 and $6.4000
Trend forecast: Fluctuating within the bullish trend
We have bounced nicely since then as interest rates in America have fallen a bit. That, of course, gives a little bit of relief from US dollar strength.
The market is currently hanging around the 200-day EMA and the 50-day EMA indicators.
As we are between them, I think this is a scenario that if we can break above the 1.17 level, it could open up a move to the 1.18 level. If we break down below the low of the trading session on Thursday, that opens up a trapdoor, if you will. I think we will go much lower. Generally speaking, I would expect that with something in the bond markets happening, yields rising in America.
Market Noise and Consolidation
The EUR/USD market continues to see a lot of volatile moves and, of course, it will come down to the latest rumor or tweet or headline coming out of the Middle East. I think you have a situation where traders continue to see a lot of noise, a lot of choppiness, and continue to focus mainly, I believe, on short-term charts.
We are in the middle of a larger consolidation area between the 1.1850 level on the top and the 1.14 level on the bottom. Being in the middle, I think opens up the reality that we’re basically at fair value. This ‘mean reversion’ could be something we see occur time and time again.
So, unless we see something change consistently on a bigger time frame and bigger outlook, I think we’re just stuck here. We’ll see. The 50-day EMA looks like it could offer a little bit of resistance.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
As seen on:Pairs Of Aces Podcast,The Trader Guy, FXEmpire
The GBPJPY pair provided some weak sideways waves by its stability near 214.00, affected by the continuation of the main indicators contradiction beside forming extra support at 213.30 level, obstructing the chances of resuming the previously suggested corrective trend.
The sideways range trading might continue currently, however the stability below 214.50 barrier makes us wait for gathering negative momentum, to repeat the pressure on 213.30 support, to find an exit for targeting more corrective stations by reaching 212.70 and 212.20, while breaching the barrier and holding above it will cancel the negative overview, providing strong chance for forming bullish waves in the upcoming period trading.
The expected trading range for today is between 212.75 and 214.20
Despite the stability of copper price within the main bullish track, it remains confined between the initial support of $6.1000 and $6.4000 barrier, which pushes it to provide more sideways trading without recording any new positive target.
The contradiction of the main indicators confirms the dominance of the sideways bias currently, to keep waiting for surpassing the barrier to open the way for achieving extra gains that might begin at $6.5600 and $6.7500, while breaking the support and holding below it will force it to activate the bearish corrective track, and $5.9500 level represents the initial station.
The expected trading range for today is between $6.1000 and $6.4000
Trend forecast: Fluctuating within the bullish trend
EUR/JPY halts its five-day winning streak, trading around 185.40 during the Asian hours on Friday. The currency cross is holding a constructive near-term bias as it sits above both the nine- and 50-period Exponential Moving Averages (EMAs). This positioning suggests dip-buying interest remains in place.
The 14-day Relative Strength Index (RSI) around 53 hints at moderate, rather than stretched, bullish momentum.
The technical analysis of the daily chart suggests the EUR/JPY cross is near the upper boundary of the descending channel at 185.70, indicating a potential bullish reversal.
A sustained break above the descending channel would offer bullish confirmation and support the EUR/JPY cross to explore the region around the all-time high of 187.95, recorded on April 17.
On the downside, the initial support lies at the nine-day EMA at 185.18, followed by the 50-day EMA of 184.94. A break below moving averages would revive the bearish bias and put downward pressure on the EUR/JPY cross to navigate the region around the three-month low of 181.87, recorded on March 16, followed by a five-month low of 180.81, reached on February 12.
(The technical analysis of this story was written with the help of an AI tool.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the New Zealand Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.08%
0.04%
0.05%
0.02%
-0.03%
-0.43%
0.00%
EUR
-0.08%
-0.05%
-0.04%
-0.05%
-0.11%
-0.48%
-0.07%
GBP
-0.04%
0.05%
0.00%
-0.02%
-0.07%
-0.44%
-0.03%
JPY
-0.05%
0.04%
0.00%
-0.01%
-0.08%
-0.47%
-0.04%
CAD
-0.02%
0.05%
0.02%
0.00%
-0.07%
-0.43%
-0.02%
AUD
0.03%
0.11%
0.07%
0.08%
0.07%
-0.37%
0.04%
NZD
0.43%
0.48%
0.44%
0.47%
0.43%
0.37%
0.42%
CHF
-0.00%
0.07%
0.03%
0.04%
0.02%
-0.04%
-0.42%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Resistance Confluence at trendline and 50-Day Moving Average
Key near-term resistance is a lower swing high at $4,589. A decisive advance above that level will trigger a bullish reversal of the short-term decline. Also, the 20-day moving average would be reclaimed, as it is now at $4,589 and falling. Nonetheless, the more significant next price level is indicated by the 50-day moving average.
It was successfully tested as resistance to the prior two advances. It converged with the downtrend line today, forming a key confluence resistance zone. Therefore, a bullish trend reversal signal will trigger above that average, currently near $4,631. Since the apex of a symmetrical triangle is shown around June 11, gold may trigger an upside breakout above the 50-day average before then.
Recovery Targets Point Toward Higher-Timeframe Resistance
Following the successful reclaim of the 50-day average, gold targets a lower swing high at $4,774 and the 100-day moving average, now near $4,804. A sustained advance above the lower swing high will trigger a bullish reversal and likely continuation of the advance toward higher resistance levels not yet tested in the current corrective phase.
If you’d like to know more about how to trade gold and silver, please visit our educational area.
The Pound US Dollar (GBP/USD) exchange rate traded in a tight range on Thursday after recovering from an earlier dip during the European session.
At the time of writing, GBP/USD was trading at around $1.3424, broadly unchanged from the day’s opening levels.
The US Dollar (USD) struggled to hold onto its earlier gains on Thursday following the release of weaker revised growth figures from the United States.
According to the latest figures from the Bureau of Economic Analysis, US GDP growth for the first quarter was revised down from 2% to 1.6%, with softer consumer spending and lower business investment weighing on the final estimate.
The downward revision largely erased the ‘Greenback’s’ earlier advance, which had been driven by a more cautious market mood and renewed demand for safe-haven assets.
Investor nerves were rattled by escalating tensions in the Middle East after fresh exchanges between the US and Iran, while comments from US President Donald Trump regarding Oman and negotiations over the Strait of Hormuz added to geopolitical uncertainty.
The Pound (GBP) traded without clear direction on Thursday after a new report highlighted mounting problems within the UK labour market.
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The government-backed review, led by former Health Secretary Alan Milburn, warned that more than one million young people are currently not in employment, education or training, raising fears over the long-term economic impact.
The report added to existing concerns surrounding the UK economy, particularly as signs of a broader labour market slowdown continue to emerge alongside growing pressure on public finances.
Near-Term GBP/USD Forecast: Bailey Speech to Drive Sterling?
Looking ahead to Friday’s session, aside from developments in the Middle East, the main focus for the Pound to US Dollar (GBP/USD) exchange rate is likely to be comments from Bank of England (BoE) Governor Andrew Bailey.
With markets still divided over whether the BoE could raise interest rates in June, investors will be watching Bailey closely for any clues regarding the central bank’s next policy move. Any hawkish signals may help to support Sterling.
Meanwhile, movement in the US Dollar is expected to remain closely tied to wider market sentiment, potentially allowing the safe-haven currency to strengthen if geopolitical tensions continue to escalate.
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Silver (XAG/USD) recovers on Thursday as the US Dollar (USD) eases following the latest US Personal Consumption Expenditures (PCE) data. At the time of writing, XAG/USD is trading around $734.11, rebounding after hitting a one-month low near $71.79 earlier in the day.
The core PCE Price Index, the Federal Reserve’s (Fed) preferred inflation gauge, rose 0.2% MoM in April, below market expectations and down from the 0.3% increase recorded in March. Meanwhile, the annual Core PCE reading accelerated to 3.3% YoY from 3.2% in March, matching market expectations.
The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is trading around 99.15 after hitting a seven-week high of 99.54 earlier in the day.
Meanwhile, fresh attacks in the Middle East region have dashed hopes for a quick end to the war, keeping Oil prices elevated amid ongoing supply disruption through the Strait of Hormuz.
The precious metal’s upside remains limited in the current macro environment. Even with the DXY pulling back slightly during the day, traders are still favoring the US Dollar (USD) for safety, which is keeping pressure on Dollar-denominated commodities.
Meanwhile, rising expectations that the Fed could raise interest rates to tackle energy-driven inflation are adding further pressure on non-yielding assets such as Silver.
Technical Analysis:
On the daily chart, XAG/USD maintains a mildly bearish near-term tone, holding below the 20-period Bollinger Simple Moving Average (SMA) around $78 and well under the upper band near $86.76, which together suggest rallies are being capped by overhead supply.
Price still sits comfortably above the lower Bollinger band at about $69.29, but a soft Relative Strength Index (RSI) at 44 and a very low Average Directional Index (ADX) near 12 hint at downside momentum within a weakly trending environment.
On the topside, initial resistance is defined by the 20-period Bollinger SMA around $78, with a subsequent barrier at the upper band near $86.76 if buyers regain traction.
On the downside, immediate support emerges at the lower Bollinger band around $69.29, ahead of a more substantial horizontal floor near $60.00, where a deeper correction could seek stabilization if bearish pressure extends.
(The technical analysis of this story was written with the help of an AI tool.)
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
The Euro to Dollar (EUR/USd) exchange rate failed to sustain gains seen in early May and has dipped to test support below 1.16 amid a firm dollar in global terms.
Danske Bank has expected the dollar to remain firm in the short term, but has now changed its stance and the bank expects that the US currency will strengthen over the longer term.
Previously, the bank had expected EUR/USD to strengthen back above 1.20 on a 12-month view, but it has now changed its position sharply and is forecasting a retreat to 1.12 by the middle of 2027.
High energy prices will represent a clear short-term risk for the Euro and ECB rate hikes may only provide limited support.
Danske Bank considers that the dollar outlook has changed. It notes that the data has been resilient while there has been evidence of increased inflation pressure while AI-related investment is boosting growth. In this context, it considers that cyclical factors now support the dollar.
Although it expects that the Federal Reserve will decide against rate hikes, it expects a tightening bias on inflation grounds and rate cuts are likely to be off the agenda which will support the US currency.
